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Smith buys a perpetuity, which pays $8000 every 3 years with the first payment 5 years from now. Each payment is 3% more than the

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Smith buys a perpetuity, which pays $8000 every 3 years with the first payment 5 years from now. Each payment is 3% more than the prior payment. Assume i = 0.06. Calculate the price (present value) of this perpetuity. Price = $

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